Exxon Mobil - XOM STOCK NEWS

Imperial Oil has announced key leadership changes, with current Chairman, President, and CEO Brad Corson set to retire after 42 years of service. The board has appointed John Whelan as president effective April 1, 2025, who will then assume the role of chairman, president and CEO following the annual shareholders meeting on May 8, 2025.

Under Corson's five-year leadership, Imperial achieved record upstream production, exceptional downstream performance, and delivered significant shareholder value through share price appreciation and cash returns. The company advanced strategic initiatives including growth projects at Kearl and Cold Lake, the Strathcona renewable diesel facility, and the Low Carbon Solutions business.

Whelan, currently ExxonMobil Upstream's senior vice president, brings extensive experience from various technical, operations, and management positions across global markets. He previously served as Imperial's vice president of Upstream production and senior vice president, Upstream, leading the organization through record growth periods.

Imperial Oil (TSE: IMO, NYSE American: IMO) has announced a quarterly dividend of 72 cents per share for the first quarter of 2025, representing a 20% increase from the previous quarter's dividend of 60 cents per share. The dividend will be payable on April 1, 2025, to shareholders of record as of March 5, 2025.

The company highlighted its track record of financial stability and growth in Canada's petroleum industry, noting that it has maintained dividend payments for over a century and has increased its annual dividend for 30 consecutive years. Imperial Oil maintains its position as Canada's largest petroleum refiner and a major crude oil producer and petrochemical manufacturer.

Imperial reported Q4 2024 net income of $1,225 million ($2.37 per share), down from $1,365 million in Q4 2023. Cash flows from operating activities reached $1,789 million. The company achieved record-breaking performance with:

- Highest quarterly upstream production in over 30 years at 460,000 barrels per day
- Kearl's highest-ever full year production of 281,000 barrels per day
- Strong refinery utilization at 95% for Q4

The company returned nearly $1.8 billion to shareholders through dividends and share buybacks in Q4, including a 20% dividend increase from 60 to 72 cents per share. Cold Lake production averaged 157,000 barrels per day, supported by Grand Rapids performance. Construction continues on Canada's largest renewable diesel facility at Strathcona refinery, targeting mid-2025 startup.

ExxonMobil (NYSE:XOM) reported its 2024 financial results with earnings of $33.7 billion and operating cash flow of $55.0 billion, marking the third-best year in a decade. Key highlights include:

- Record production in Permian and Guyana regions
- Distributed $36.0 billion to shareholders through dividends ($16.7B) and share repurchases ($19.3B)
- Achieved $12.1 billion in cumulative structural cost savings since 2019
- Return on capital employed led industry at 12.7%
- Net production reached highest level in over ten years at 4.3 million oil-equivalent barrels per day

The company plans to extend its annual $20 billion share-repurchase program through 2026 and increased its quarterly dividend by 4%, marking 42 consecutive years of dividend increases. The debt-to-capital ratio stood at 13%, with a period-end cash balance of $23.2 billion.

ExxonMobil (NYSE: XOM) has announced it will release its fourth quarter 2024 financial results on Friday, January 31, 2025. The company will publish a press release at 5:30 a.m. CT through Business Wire, which will be available on their investor relations website.

A live conference call will be held at 8:30 a.m. CT, featuring Chairman and CEO Darren Woods, CFO Kathy Mikells, and VP of Treasury and Investor Relations Jim Chapman. Investors can access the presentation via webcast or by calling the provided toll-free and local numbers. An archive replay and presentation materials with supplemental financial data will be made available on ExxonMobil's investor website.

Imperial Oil (TSE: IMO, NYSE American: IMO) has announced its upcoming 2024 Fourth Quarter Earnings Call, scheduled for Friday, January 31. The event will begin at 9 a.m. MT, following the company's fourth quarter earnings release that morning.

Chairman, President and CEO Brad Corson, along with Vice-President of Investor Relations Peter Shaw, will host the call. The presentation will include brief remarks from Mr. Corson, followed by a Q&A session with Imperial's covering analysts.

The event will be accessible via webcast and will remain available for one year on Imperial's website. In case of technical difficulties with the EDGAR system, investors are advised to check Imperial's website or Canada's SEDAR+ system for the earnings information.

Imperial (TSE: IMO, NYSE American: IMO) has announced that Sherri Evers, currently Senior Vice President of Sustainability, Commercial Development and Product Solutions, will transition to the role of North America Lubes General Manager at Exxon Mobil , effective March 1, 2025.

During her four-year tenure with Imperial's management team, Evers made significant contributions, including leading the Strathcona renewable diesel project and developing the company's Low Carbon Solutions business. She played a important role in plans to reduce greenhouse gas emissions and was instrumental in forming the Pathways Alliance to address oil sands operations emissions.

Evers, who holds a Bachelor of Commerce from the University of Saskatchewan, joined Imperial in 1998 and has held various positions, including global assignments with Exxon Mobil She was appointed Vice President, Commercial and Corporate Development in 2021 before assuming her current role in 2023. Her replacement will be announced at a later date.

Imperial (TSE: IMO, NYSE American: IMO) has released its 2025 corporate guidance, projecting capital expenditures of $1.9-2.1 billion. The company forecasts upstream production growth to 433,000-456,000 barrels per day, with Kearl production expected at 280,000-290,000 bbl/d, Cold Lake at 150,000-160,000 bbl/d, and Syncrude at 75,000-80,000 bbl/d.

Downstream operations anticipate refinery throughput of 405,000-415,000 barrels per day with utilization rates of 94-96%. The company plans turnarounds at all refineries in 2025, with lower expected impacts compared to 2024. The Strathcona Renewable Diesel project is scheduled to start around mid-year, enhancing product sales and network flexibility.

ExxonMobil unveiled its Corporate Plan to 2030, projecting an additional $20 billion in earnings and $30 billion in cash flow. The plan includes increasing Pioneer acquisition synergies to over $3 billion, growing new business earnings to $3 billion, and adding $7 billion in structural cost savings. The company aims to increase Upstream production to 5.4 million oil-equivalent barrels per day, with over 60% from advantaged assets.

Key investments include $27-29 billion cash capex in 2025 and $28-33 billion annually in 2026-2030. The company plans to pursue up to $30 billion in lower emissions investments and expects to maintain its $20 billion annual share repurchase program through 2026.